Tire Kingdom Bought Again

Tire Kingdom Inc.'s 148 stores in Florida and North Carolina are moving to a larger castle, TBC Corp. of Memphis, Tenn.

The Riviera Beach-based Tire Kingdom agreed on Monday to be acquired by TBC for $45 million. The deal was expected to close late Monday.

"We're not buying just real estate, we're buying a retailing identity," said Jim Pascover, spokesman for TBC Corp., which owns Big O Tire Centers with locations in the western United States. Pascover said he doesn't expect the acquisition to significantly affect Tire Kingdom's employees or operations in Florida or North Carolina. Tire Kingdom has about 1,600 employees.

TBC, which operates mostly franchises through Big O, wants to become an owner-operator of more tire stores, he said. The Tire Kingdom acquisition accomplishes that as well as gives an outlet for a TBC private-brand tire, Sigma.

"We see Tire Kingdom as a high-potential platform for expansion," Pascover said.

Tire Kingdom is a private company that had 1999 sales of $224 million, TBC said. TBC, which is traded on the Nasdaq Stock Market, had 1999 sales of $743 million, an increase of 15 percent over 1998.

TBC acquired Big O in 1996 and Carroll Tire Co. in 1998.

Founded by Charles Curcio in 1972, Tire Kingdom has changed hands several times. Curcio owned the company twice. In 1991, Tire Kingdom was sold to Michelin Group of France. In 1993, it was purchased by investment firms Goldman, Sachs and Co. and Weiss, Peck & Greer.

Marcia Heroux Pounds can be reached at mpounds@sun-sentinel.com or 561-243-6650.